Question: E3-28 Journalizing adjusting entries and analyzing their effect on the income statement Learning Objectives 3, 5 The following data at July 31, 2018, are given

E3-28 Journalizing adjusting entries and analyzing their effect on the income statement

Learning Objectives 3, 5 The following data at July 31, 2018, are given for RCO:

Depreciation, $600.

Prepaid rent expires, $200.

Interest expense accrued, $700.

Employee salaries owed for Monday through Thursday of a five-day workweek; weekly payroll, $8,000.

Unearned revenue earned, $1,000.

Office supplies used, $150.

Requirements Journalize the adjusting entries needed on July 31, 2018. Suppose the adjustments made in Requirement 1 were not made. Compute the overall overstatement or understatement of net income as a result of the omission of these adjustments.

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